Bitcoin: Crypto Guru Warns – Sharp Correction Still in the Cards
A prominent figure in the cryptocurrency sphere recently shared a cautious perspective on Bitcoin (BTC) amidst a market correction coinciding with legal developments involving Binance and its former CEO Changpeng Zhao in the US.
Crypto analyst Capo believes that Bitcoin might be nearing a pivotal turning point, indicating a possible shift in market dynamics.
Capo anticipates a significant event of market capitulation, signaling a potential conclusion to the ongoing downward trend in the crypto market.
In discussions with followers, Capo hinted at the plausibility of Bitcoin descending to $12,000, suggesting this level could potentially mark a crucial support zone based on past price movements.
At the present time, Bitcoin is observed trading at $37,369, exhibiting a moderate increase from its recent low of $35,632 registered over the past week.
Regarding alternative cryptocurrencies, Capo speculated that they might undergo sharper corrections relative to Bitcoin if the projected $12,000 target for BTC were to materialize. There are indications, according to Capo, that certain alternative coins are demonstrating signs of nearing a possible market peak.
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Observations on market sentiment led Capo to note a notable discrepancy between prevailing bullish sentiment and the current macroeconomic indicators. This mismatch, characterized by stretched chart patterns and declining volume, suggests a divergence that warrants attention.
Despite efforts to sustain the ongoing surge, there are concerns about the sustainability of this upward momentum, particularly if it continues to be primarily driven by artificial factors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
